303 Stone St Joliet, IL 60435
- Apartment buildings
Current Use by Public Records
- Apartment buildings
Property Details for 303 Stone St
- Property type
- Apartment buildings
Description
Exceptional investment opportunity in Joliet, Illinois, presents this fully renovated, eight-unit apartment building situated on a spacious 19,302 square foot lot. The property boasts a strong 9.40% capitalization rate, generating a substantial net operating income (NOI) of $150,402. This two-story brick building, completely rehabbed in 2023, offers thirteen parking spaces for residents. Conveniently located near downtown Joliet and the University of St. Francis, this property benefits from high occupancy rates and strong rental demand. Financial records are available for January through November, with a December estimate provided, offering transparency and confidence in the property's performance. Insurance coverage includes a construction policy extending through April 2024. Further enhancing the property's value, the basement heating system has been upgraded to gas, ensuring efficient and cost-effective heating for the 2024-2025 winter season. One three-bedroom unit is currently vacant in December, allowing for convenient viewing, while all units are accessible for viewing with a contract. This turnkey investment is poised for immediate income generation and long-term appreciation. The asking price is $1,600,000.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Joliet
- County
- Will
- State
- Illinois
- Longitude
- -88.0896
- Latitude
- 41.5345
